This report does not constitute a rating action. LONDON (S&P Global Ratings) Nov. 6, 2026--S&P Global Ratings today said that Applegreen’s (B-/Stable/--) €120 million add-on to its senior secured term loan B (TLB), issued by group subsidiaries Applegreen Finance (Ireland) DAC and Applegreen Ireland Investments Finance Ltd., does not materially impact our base case published on Oct. 16, 2026 (see “ Causeway Consortium Holdings Ltd. (Applegreen) â€). The group plans to use the transaction’s proceeds to keep cash on balance sheet for general corporate purposes. We expect S&P Global Ratings-adjusted leverage fully consolidated at Causeway Consortium Holdings Ltd. to land slightly higher at 8.0x in 2026, compared with our previous expectations of 7.7x. While not a material risk at the
